Did you know that most commercial insurance policies don’t include legal expense coverage?
Considering the costs involved in retaining a lawyer, you should seriously contemplate adding Legal Expense Insurance to your coverage portfolio.
The Value in Legal Expense Insurance
Many legal situations can be prevented or diffused when legal advice is provided in the early stages of an issue or conflict. However, 63% of Canadians say it is the cost of hiring a lawyer that deters them from consulting a lawyer to discuss a legal situation.
If you have Legal Expense Insurance you do not have to concern yourself with paying a lawyer each time you need to seek counsel. The coverage is there, providing you with peace of mind that you have access to unlimited general legal advice for any legal question. All you have to do is pick up the phone, even if the issue is not covered by your policy.
Our Solution & Recommendation
If you are interested in adding Legal Expense Insurance to your commercial coverage, Youngs Insurance can provide you with this coverage via a Specialty Provider. Meaning in addition to your current coverage you will also have Legal Expenses covered; including disbursements, court costs, witness fees, and adverse costs if a judge orders you to pay the other party’s legal fees.
Interesting Legal Stats
The following legal stats have been taken from DAS.
- The average hourly rate for an experienced lawyer in Canada is $394
- 55% of Canadians did not have a lawyer represent them when they accessed the legal system
- 45% of Canadians know somebody personally who has gone into debt trying to settle a legal dispute
- One in ten small business owners know someone who lost a business due to a legal dispute